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2023-03-31-accounts

Charity no. 1195850

Charity Entrepreneurship Report & Audited Financial Statements 31 March 2023

Charity Entrepreneurship

Reference and administrative details

For theyear ended 31 March 2023
Charity number 1195850
Registered office Unit 10, The Linen House
253 Kilburn Lane
London
W10 4BQ
Trustees The trustees who served during the period and up to the date of this
report were as follows:
Appointed Resigned
Thomas Billington 30 June 2022
Lucia Coulter 25 November 2021
Brendan Eappen 12 December 2021
Juliette Finetti 12 December 2021 30 June 2022
Devon Fritz 30 June 2022 10 September 2023
David Moss 12 December 2021 5 December 2022
Andrés Jiménez Zorrilla 30 June 2022
Appointed Resigned
Senior management Joey Savoie 1 December 2021
Karolina Sarek 1 December 2021
Devon Fritz 13 September 2023
Patrick Stadler 15 November 2021
Sam Hilton 1 November 2021
Alex Catalán Flores 1 August 2022
Aidan Alexander 1 February 2023 31 December 2023
Judith Rensing 5 June 2023
Bankers National Westminster Bank Plc
Wise Payments Limited
250 Bishopsgate Floor 6, Tea Building
London 56 Shoreditch High Street
EC2M 4AA London
E1 6JJ
City National Bank
NY 6TH Avenue Banking Office
1140 6TH Avenue
New York, NY 10036
United States

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Charity Entrepreneurship

Reference and administrative details

For the year ended 31 March 2023

Auditors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor, Mariner House 62 Prince Street Bristol BS1 4QD Solicitors Lawbriefs Ltd 39 Long Acre London WC2E 9LG

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management Entity overview

Charity Entrepreneurship is a registered Charitable Incorporated Organisation (CIO) as of 20 September 2021 with registered charity number 1195850. The CIO’s only members are its Trustees and the CIO is governed by its foundation constitution which states the CIO’s objects and powers.

The charity’s organisational structure is composed of five departments: Research, Outreach, Vetting, Programs and Operations. Each department is led by a Director. The Directors meet periodically with the Chief Operating Officer and the Co-Executive Directors to discuss cross-departmental questions and strategic matters.

Appointment of Trustees

The following constitutional provisions are relevant insofar as they govern the appointment of trustees:

All trustees give their time voluntarily and receive no benefits from the charity.

Trustee selection

A detailed explanation of Charity Entrepreneurship’s approach to trustee selection is available via the link below.

https://www.charityentrepreneurship.com/post/how-we-choose-our-board-members

Charity Entrepreneurship’s trustees consist of past participants of its Incubation Program who’ve successfully founded high-impact charitable projects. This achieves the following objectives:

  1. It provides a source of knowledge and experience from individuals with a proven track record of running their incubated charitable organisations successfully and responsibly who also have the necessary contextual understanding to advise on strategic questions facing Charity Entrepreneurship;

  2. It allows for a governance mechanism that is very closely linked to Charity Entrepreneurship’s beneficiaries, thus ensuring that the organisation is always striving towards achieving its mission and charitable purposes; and

  3. 3 It enables an important accountability mechanism for members of senior management who instead of being evaluated internally by other Charity Entrepreneurship employees or selfevaluating can be evaluated by a body empowered to enact corrective measures should performance be unsatisfactory.

Charity Entrepreneurship also ensures that selected trustees are not disqualified as per the Charity Commission’s guidance on the automatic disqualification rules.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Trustee induction and training

Charity Entrepreneurship provides its trustees with copies of the Charity Commission’s ‘The essential trustee: what you need to know, what you need to do (CC3)’ guidance, as well as a copy of a Trustee Manual developed by Charity Entrepreneurship. This last document details more practical information about trustees’ duties, such as the steps needed to run trustee meetings and hyperlinks to key documents (e.g. Constitution).

CE does not offer a formal training program for newly appointed trustees. This is primarily because trustees have, up to this point, been selected based on their preexisting understanding of Charity Entrepreneurship’s work and also their preexisting experience managing organisations and being responsible for governance functions.

Decision-making

The Trustees delegate day-to-day management and operational oversight of the organisation to members of the Senior Management team. In particular, on 8 December 2021, the charity’s Trustees gave Joey Savoie, Karolina Sarek and until 24 May 2022 Andrew Player full power of attorney and authority to sign, execute, deliver and/or issue all agreements, documents, certificates and instruments (all whether as a deed or not) listed in Schedule 1 of the signed power of attorney document. On 20 April 2023, the charity’s Trustees also gave Alex Catalán Flores full power of attorney and authority to sign, execute, deliver and/or issue all agreements, documents, certificates and instruments (all whether as a deed or not) listed in Schedule 1 of the signed power of attorney document. These include, among others, invoices in respect of suppliers, grant and service agreements, letters and forms representing the charity.

Related parties, key partnerships and wider networks

Players Philanthropy Fund

Charity Entrepreneurship maintains a key partnership with Players Philanthropy Fund (PPF), a Maryland charitable trust with federal tax-exempt status as a public charity under Section 501(c)(3) of the United States Internal Revenue Code. PPF provides a fiscal sponsorship service whereby CE can operate under and utilise PPF’s 501(c)(3) status to solicit donations in the US that are tax deductible.

CE’s relationship with PPF is key for us to be able to support our incubated charitable projects. CE’s incubated projects receive their seed grants in bank accounts opened by PPF with City National Bank on CE's behalf. Each charitable project is designated it's own bank account with which it can receive donations and make expenditures.

Remuneration of key management personnel

In the reporting period, Charity Entrepreneurship paid the following amounts as net remuneration for key management personnel:

Individual Net remuneration
Joey Savoie £ 28,164
Karolina Sarek £ 35,968
Sam Hilton £ 25,384
Patrick Stadler CHF 17,513
Aidan Alexander £ 24,058
Alex Catalan Florres £ 24,453

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Charity Entrepreneurship sets remuneration across the organisation according to a benchmarked range approximately between £34,000 and £47,000 gross per annum for full-time work. We consider requests outside this range on a needs basis and decisions are dependent on the specific person’s circumstances.

Aims and objectives

Our purposes

As detailed in its Constitution, Charity Entrepreneurship’s charitable purposes are, for the public benefit, to:

Charity Entrepreneurship seeks to achieve its charitable purposes by enabling more high-impact nonprofits and voluntary organisations to exist in the world. It does this through its extensive research process to identify high-impact ideas for new charitable projects, its Incubation Programs, its Grantmaking program, and also its published short-form and long-form content. These outputs lead to an increased number of highly tractable and effective new charitable projects to exist in the world, an increased availability of funding for effective charities, and also influence existing organisations and policymakers to implement our findings. All in all, these activities and outputs lead to Charity Entrepreneurship’s impact being more human and nonhuman animal lives saved and improved, and also a social sector that is more evidence-based and impact-focused.

Our activities

Our key activities can be broken down into the following categories:

Research

Only a small number of charities are amongst the most effective in the world. We continually profile and study these rare organisations, so that we can help launch more projects like them. Our team conducts thousands of hours of research each year to identify the most exciting new project ideas. We publish detailed reports on the top 5-10 ideas we identify each year. We then recruit, train and fund aspiring entrepreneurs through our Incubation Programs to start new projects based on these ideas.

Outreach and Vetting Our outreach team promotes our Incubation Program to find the most promising participants, and also promotes events and articles relevant to entrepreneurship and effectively running an evidence-based charity, as well as publicising CE's research.

Our vetting team process applications to our programs to identify the most promising 10-20 people to participate in each program.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Programs We run two Incubation Programs annually. Our Incubation Program is a two-month online training course that guides participants through the most important decisions they will need to make as charitable project founders and helps them find the best idea and co-founder match. By asking participants to do small projects with other participants, the training course explores the critical components of evidence-based projects such as intervention prioritisation, impact analysis, costeffectiveness, gathering support, management, and fundraising.

We also run a Grantmaking program. This program looks like our classic Incubation Program but instead of recommending specific charities, we aimed to teach skills that would allow foundation leaders to work as informed, independent, full-time grant makers, equipped with a suite of decision-making tools.

Operations

Our operations team handles all of the routine tasks and incoming responsibilities to keep Charity Entrepreneurship operational.

We also provide operational support to new charitable projects launched through our Incubation Programs that do not yet have their own registration. We do this through a formal partnership with Players Philanthropy Fund, a US-based 501(c)(3) organisation, who are able to provide fiscal sponsorship services to newly established charitable projects.

Specific examples of activities undertaken for each department during the relevant reporting period are presented below, along with estimated percentages of total staff time spent on each workstream. These are approximate post hoc estimates.

Research (35%)

Our research covered 3 cause areas over this period:

Animal welfare policy : We completed our research into animal welfare in September 2022. Through an iterative research process we narrowed down a list of 275 ideas to three top ideas: improving the welfare of milkfish in the Philippines, advocacy to ban the use of live baitfish in the US, and advocacy to ban low-welfare animal product imports in New Zealand. We published in-depth reports on these top ideas and four other reports on other interesting interventions in October 2022.

Bio risk/health security: We completed our research into bio risk/health security in January 2023. Through an iterative research process we narrowed down a list of 150 ideas to two top ideas: policy advocacy for subscription models to drive the production of new antimicrobials, and advocating for academic guidelines to limit dual-use research of concern. We are working on getting these top-idea reports published.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Large-scale global health : We completed our research into large-scale global health in February 2023. Through an iterative research process we narrowed down a list of 300 ideas to four top ideas: antenatal clinic-based syphilis screening and treatment to tackle syphilis in pregnancy, scaling up kangaroo care for low birth weight babies, fixing stock-outs of contraceptives and other essential medicines, and scaling up oral rehydration solution and zinc co-packs for the treatment of diarrhoea in under-5-year-olds. We published in-depth reports into these top ideas and five other reports into other interesting interventions in April 2023.

Animal welfare : We started our research into a new round of animal welfare interventions in March 2023. We began by collating a list of 275 intervention ideas and then by 31 March 2023, the end of the review period, we had already reached stage 3 of our iterative research process. This stage involves spending a total of 1.5 hours per idea to assess the strength of evidence for the intervention, create a cost-effectiveness analysis, and conduct a paths to failure analysis.

Recruitment (35%)

Mass media: We also started our research into mass media interventions in March 2023. We began by collating a list of 160 intervention ideas and progress was similar to the progress of research on animal welfare. Promoting our Incubation Program and identifying promising participants includes:

Publicising our research includes:

Vetting includes:

Other activities include:

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Programs (20%)

We ran two Incubation Programs in the reporting period. The first took place in June-July 2022. This program was focused on global health and development and ended with the founding of five new projects:

The second took place in February-March 2023 and was focused on animal welfare and global health and development. Four new projects were launched through this Program:

We also ran our first Grantmkaing Program in September-October 2022. Despite seeing many areas where we could improve the program, we consider the pilot to have been very successful. We are excited to run this program again in May 2023 and believe it could provide impact comparable to that of our charity Incubation Program.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Operations (10%) Operations is mostly focused on the smooth running of the charity and its programs. This includes work across HR, facilities management, accounting and finance, legal and compliance, organisational productivity & planning, and internal events and other recruitment support. The standout achievements of the operations team over the period were managing our first Independent Examination, planning and running our first all-team retreat, and finding and renting two flats for use as accommodation during the in-person component of our Incubation Programs.

Public benefit statement

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

Grantmaking

Towards the end of each Incubation Program, participants prepare a project proposal on their chosen idea. This proposal outlines the initial proposed implementation of the idea, and includes a request for funding. Charity Entrepreneurship provides feedback on these proposals and then they are submitted to the Seed Network – a small network of approximately thirty individual donors (i.e. not institutional donors) interested in early-stage projects who fund across different cause areas and have often been excited about the historical results of the CE Incubation Program.

Charity Entrepreneurship also occasionally makes grants to organisations deemed to be working towards similar aims such that a financial contribution from CE would in effect be a contribution towards fulfilling CE’s mission and charitable purposes. This may be because we deem the project to be in a start-up phase similar to our incubated charities, or because the project has requested CE to receive a donation on its behalf to later be forwarded (i.e. conduit funding), or another reason.

Information about grants made by Charity Entrepreneurship can be found in Note 7 of the Notes to the Financial Statements section of this report.

Volunteers

The charity engaged one volunteer over a five-month period (October 2022 - February 2023) who worked up to 20 hours per week and contributed to the bio risk/health security research and the largescale global health research by co-authoring two research reports.

Achievements and performance

We note that the achievements listed in the table below are an illustrative sample of Charity Entrepreneurship’s and its incubated projects’ achievements, not an exhaustive list. We have aimed to include examples across cause areas and programs.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Date Event Link(if applicable)
April 2022 Charity Entrepreneurship attended the Effective
Altruism
Global
Conference
in
London,
manning a stall at the career fair and running
two workshops:
“Are
You a Good
Fit for
Nonprofit
Entrepreneurship?”
and
“New
Research Topics in Global Priorities Research”		 N/A
April 2022 Animal Advocacy Careers (Incubation Program
2019)
launched
its
Fundraising
Work
Placement. This program gives participants a
remote, paid part- or full-time work placement
which will help those interested in a career in
animal advocacy to get experience and will help
organisations fill one of their biggest talent
gaps.		 https://www.animaladvoc
acycareers.org/fundraisi
ng-work-placement
April 2022 GiveWell published their rationale behind a
GiveWell grant recommendation of $8.2 million
over five years to Fortify Health (our first
incubatedproject).		 https://www.givewell.org/
research/incubation-
grants/Fortify-Health-
expansion-December-
May 2022 Charity
Entrepreneurship
launches
career
coaching
for
those
interested
in
entrepreneurship
as
a
career
path.
These
coaching calls focused on helping people think
through their options through exploring their fit
for
different
opportunities,
discussing
their
potential relative impact, and identifying how
they might get more information in order to
make
the
best
possible
decision.
These
coaching calls were both useful for finding
promising
applicants
to
our
Incubation
Programs,
and
also
helped
the
wider
community to maximise their impact in their
career.
 https://www.charityentre
preneurship.com/career-
coaching
May 2022 Canopie (Incubation Program 2020) spoke on a
panel hosted by the National Association of
Women Lawyers’ Immigration and Health & Life
Sciences
Practice
Area
Groups
to
share
Canopie’s
learnings
about
using
evidence-
based practices during times of stress and
transition, and the intersection of mood and
reproductive health.		 https://www.linkedin.com
/feed/update/urn:li:activit
y:693048124974872985
6
June 2022 Charity Entrepreneurship’s Summer Incubation
Program begins on 27 June with 9participants.		 N/A
July 2022 Lead Exposure Elimination Project (Incubation
Program 2020) published its review of sources
of lead exposure in LMICs.		 https://leadelimination.or
g/sources-of-lead-
exposure-in-lmics-other-
than-paint/

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Date Event Link(if applicable)
July 2022 Fortify Health celebrated 3 launches with their
mill partners in India. Pitambar Flour Mill in
Kolkata (West Bengal), Shankeshwara Foods
in Supa (Maharashtra), and Gangwal Foods in
Indore (Madhya Pradesh) have successfully
incorporated Fortify Health’s fortified premix
into their flour and released it to the open
market.		 N/A
August 2022 Happier Lives Institute (Incubation Program
2019)
released
its
recommendations
to
GiveWell
to
improve
its
cost-effectiveness
analysis of deworminginterventions.		 https://www.happierlivesi
nstitute.org/report/dewor
ming-and-decay/
August 2022 Charity Entrepreneurship launched five new
projects
following
the
end
of
its
Summer
Incubation Program.
- Centre for Effective Aid Policy: identifying and
promoting
high-impact
development
policies
and interventions.
- Centre for Exploratory Altruism Research:
conducting cause prioritisation research and
outreach.
-
Maternal
Health
Initiative:
producing
transformative
benefits
to
women’s
health,
agency, and income through increased access
to family planning.
-
Kaya
Guides:
reducing
depression
and
anxiety among youth in low-and middle-income
countries.
- Vida Plena: building strong mental health in
Latin America.		 https://forum.effectivealtr
uism.org/posts/isggu3wo
GwkpYzqwW/presenting-
2022-incubated-charities-
charity-entrepreneurship
August 2022 Lead
Exposure
Elimination
Project’s
(Incubation
Program
2020)
study
in
Madagascar shows that 61% of samples of
solvent-based paint for home use contained
dangerous
levels
of
lead.
The
Bureau
of
Standards
in
Madagascar
has
set
a
new
standard on lead in paint and is taking steps to
make this standard mandatory.		 https://leadelimination.or
g/study-results-
madagascar/
September 2022 Charity
Entrepreneurship’s
Grantmaking
program
begins
on
19
September
with
5
foundations (represented by 6 people) taking
part.		 N/A

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Date Event Link(if applicable)
September 2022 Suvita (Incubation Program
2019) recruited
seven Associate Field Officers in Maharashtra
state to run an ambassador pilot and conduct
feedback surveys for SMS reminders. These
new hires well aid them in their scale up of their
vaccination
reminders
program
in
which
caregivers
receive
personalised
SMS
reminders informing them when their child is
due for a vaccination.		 N/A
October 2022 Charity
Entrepreneurship
attended
the
inaugural Animal & Vegan Advocacy Summit in
Washington,DC.		 N/A
October 2022 Centre
for
Effective
Aid
Policy (Incubation
Program 2022) shared its six recommendations
for Swedish development aid with the new
Swedishgovernment.		 https://www.aidpolicy.org
/six-recommendations-
for-swedish-
development-aid
November 2022 Charity Entrepreneurship had its first all team,
off-site retreat. The focus of this retreat was
strategy and ideation on how to improve Charity
Entrepreneurship and its programs, and how to
maximise ourpotential for impact.		 N/A
November 2022 Family
Empowerment
Media
(Incubation
Program
2020)
received
an
external
investigation
from
Founders
Pledge
which
found that their family planning radio campaign
could be 26x as cost-effective as GiveDirectly
which gives out cash transfers to the world’s
poorest.		 https://founderspledge.c
om/stories/mass-media-
interventions
November 2022 Animal Charity Evaluators (ACE) their 2022
charity
recommendation,
in
which
they
announced Fish Welfare Initiative (Incubation
Program
2019)
as
a
new
ACE
Standout
Charity.		 https://animalcharityeval
uators.org/blog/announci
ng-our-2022-charity-
recommendations/
November 2022 The Guardian covers research from Animal Ask
(Incubation Program 2020) conducted on behalf
of
Animal
Equality
that
fed
into
their
enforcement report in collaboration with The
Animal Law Foundation.
https://www.theguardian.
com/world/2022/nov/08/
one-in-300-animal-
welfare-complaints-at-uk-
farms-lead-to-
prosecution-study
December 2022 Animal
Ask
(Incubation
Program
2020)
released their “Does Sentience Legislation help
animals?” report.		 https://www.animalask.o
rg/post/does-sentience-
legislation-help-animals

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Date Event Link(if applicable)
December 2022 High Impact Professionals (Incubation Program
2021) launched a talent directory which will help
match
people
to
vacancies
in
high-impact
organisations based on their skills etc.		 https://forum.effectivealtr
uism.org/posts/ZCBw36
sCfbfondnq2/sign-up-for-
our-talent-directory-if-
you-re-interested-in
January 2023 Shrimp Welfare Project (Incubation Program
2021) signed an MOU with MER Seafood to
improve the welfare of 125 million shrimps per
year through the use of electrical stunner pre-
slaughter.		 https://www.shrimpwelfa
reproject.org/post/mou-
with-mer-seafood
January 2023 Centre
for
Exploratory
Altruism
Research
published
its
shallow
report
on
Diabetes
Mellitus Type 2 which found that a sugar-
sweetened beverages tax could be a promising
and cost-effective way to eliminate diabetes
mellitus type 2.		 https://forum.effectivealtr
uism.org/posts/Xhidz5as
oR5uaEhgk/shallow-
report-on-diabetes-
mellitus-type-2
February 2023 Charity Entrepreneurship’s Winter Incubation
Program
begins
on
6
February
with
15
participants.		 N/A
February 2023 Fish
Welfare
Initiative
(Incubation
Program
2019) surpasses 1 million fish helped due to
welfare improvements made on fish farms in
India,Portugal,and the Philippines.		 https://www.fishwelfarein
itiative.org/post/1-million-
fishes
March 2023 Maternal Health Initiative (Incubation Program
2022) entered into a partnership with Savana
Signatures, an NGO based in the Northern
region of Ghana, to conduct scoping work and
run the first iteration of its training for healthcare
workers.		 N/A
March 2023 Training for Good (Incubation Program 2021)
launched its Tarbell Fellowship, a one-year
programme for early-career journalists intent on
improvingthe world.		 https://www.tarbellfellow
ship.org/2023-fellows

Achievements against objectives set

We set loftier goals in 2022 to be achieved in 2023 and 2024. These were based on multiplying out our historical impact and doubling down on the experiments we conducted that yielded promising results (e.g. letting a charitable Grantmaking foundation into the Incubation Program). We set three broad goals, on which we expand on our progress below.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Double the number of charities founded

The most significant change required to achieve this goal was adapting our programming to run our Incubation Program twice instead of once a year. We aimed to keep the cohort size about the same and allow applicants who were not available at the right time during the year to have more possible windows to apply. We aimed to have about 2 groups of ~15 in 2023, resulting in 9-11 charities being founded. Our first round in 2023 looks like it will result in our expectations being met (15 people and 5- 6 charitable projects founded), and given our application strength to our summer program (the one we have historically run), we expect another equal-sized and strength cohort. This means we expect to found 10 charitable projects of equal quality in 2023 and going forward into future years.

Double the number of programs of equal impact running

This goal was more directly connected to one of our past successful experiments. We decided to run a trial foundation program with content aimed specifically at Grantmaking foundations and improving their tools and decisions with some of the same methods used for early-stage charitable projects. We have only run this program once, so we consider these results to be highly preliminary. Despite that, we received both considerably more demand and had a more significant impact than we expected in our pre-launch models. We originally planned to run one foundation program in 2023 but now plan to expand this to two programs, each with ~6 participants. Our current models suggest even running one foundation program a year might be commensurate in value with our current CE program, although we are unsure if this will be replicable with other cohorts and as often as twice a year.

Double the quality of charities founded

We understood when we set this goal that this would be the hardest goal to make progress on. We historically have seen that the top one-third of our charitable projects are disproportionately responsible for the impact generated. Thus, we had a goal to move from two out of six of our charitable projects overperforming to four out of six performing at that high level. We have minimal data to access this as we typically get a sense of charity quality ~2 years after they launch. However, our current sense is that our rounds over 2022 and 2023 have been about on par in terms of quality with our prior rounds.

Financial review

Review of financial position as of 31 March 2023

The charity’s statement of financial activities is shown on page 24.

During the relevant period, Charity Entrepreneurship received total revenue of £1,955,971 (2022: £1,508,275) and had total expenditures of £1,519,792 (2022: £377,110), amounting to a net income of £436,179 (2022: £1,131,165).

The amount of the total funds the charity holds at the end of the reporting period is £1,567,344, of which £1,054,297 are restricted.

The Trustees have a reasonable expectation that Charity Entrepreneurship has adequate resources to continue in operational existence for the foreseeable future, and so will continue to prepare the charity’s financial statements on a going concern basis.

Significant events

There have been no significant events in the reporting period.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Fundraising

Charity Entrepreneurship does not carry out any public fundraising activities in which it openly solicits donations from members of the public.

Instead, it mainly receives donations from large philanthropic foundations - namely the Centre for Effective Altruism/Effective Ventures Foundation and Good Ventures Foundation. The Co-executive Directors apply for funding and have fundraising calls with staff from these organisations on an ad hoc basis when necessary to fill any funding gaps that Charity Entrepreneurship has.

Charity Entrepreneurship also has a donate button on its website which links potential donors to the following third-party public donation pages on crowdfunding platforms:

Principal funding sources

The following constitute the principal funding sources for Charity Entrepreneurship in the relevant reporting period.

Name Type of donor Amount received
The Centre for Effective Registered charity in 85,529 GBP
Altruism/Effective Ventures England and Wales with a
Foundation[1] section 501(c)(3) public
charity in the US
Good Ventures Foundation Registered US 501(c)(3) 1,321,804 GBP
nonprofit
The Prism Charitable Trust Registered charity in 160,000 GBP
England and Wales.

[1] The Centre for Effective Altruism changed its name to Effective Ventures Foundation in September 2022.

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Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Reserves policy

As of February 2023, Charity Entrepreneurship aims to maintain unrestricted reserves of £233,289. The amount represents the following segments:

Segment Reserve(£) Description
2023-24 FY Budget
Contingency		 71,043 Unrestricted funds to provide a 5% spending
buffer asper 2023-24 FY budget.
Seed grants backup
OR
Dissolution reserve		 162,246 If CE is facing business as usual: unrestricted
funds to provide a backup source of funding for
incubation program
participants should Seed
Network not be able to fully fund their projects.
If CE assesses that it would be best to wind
down the organisation, then no seed grants will
be issued. Instead, this is the amount of funding
estimated to be necessary to shut down the
organisation.
Total 233,289

CE will maintain its reserves as a mixture of interest-bearing savings accounts and liquid safe assets. The exact composition of the reserves will be determined by the Board of Trustees based on prevailing market conditions, CE's investment policy, and the advice of its investment managers.

Management of Reserves

CE’s Directors are responsible for the management of CE's reserves. Directors will review CE's reserves policy annually in consultation with trustees and adjust the reserves target as necessary. Directors will also monitor the utilisation of the reserves and may adapt the investment strategy as necessary to ensure that CE's reserves are held in appropriate investments.

Key risks

Charity Entrepreneurship conducted its first review of major risks in the reporting period. The Coexecutive Directors selected the major risks after reviewing the inputs from all Directors and the Chief of Staff. The top risks identified were as follows:

16

Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

We note that risks not included in the top risk category will also be addressed. Risks were assessed based on their likelihood and potential impact, and mitigation strategies have been put in place to manage them in line with the organisation's risk appetite. The following mitigation strategies have been put in place to manage the top risks outlined above:

Risks will continue to be documented and reviewed annually and, where appropriate, systems or procedures will be established to manage the risks the charity faces.

Plans for future periods 2023-24 Financial Year

Our main aims for the 2023-24 financial year are as follows:

17

Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Beyond

We will continue to run two Incubation Programs each year: one in Summer (June-July) and one in Winter (February-March). Our main goal with our Incubation Programs is to 2x the quality of the charities launched. We historically have seen that the top 1/3 of our charities generate a highly disproportionate impact, so our goal is to move from 1/3 of our charities overperforming to 2/3 performing at that level. We hope to improve the quality of our charities largely by improving the quality of participants taking part in our Incubation Programs as we believe that the strength of the cofounding team is highly correlated with the overall impact of a newly started charitable project. To do this, we will better target our communications and outreach, and we will also raise the bar that has to be met during vetting.

We will also continue to run two Grantmaking Programs each year. We put a 75% chance that this program run twice a year will have an equal or greater impact when compared to our Incubation Program.

We will assess whether our first Research That Matters Program was successful and had the intended impact of outputting useful research for Charity Entrepreneurship and the wider impactful nonprofit sector, and giving the participants research skills to prepare them for impactful careers in research, Grantmaking, and monitoring and evaluation. If so, we will repeat this program again in the future. We will also continue to explore the viability of running future programs focused on for-profit entrepreneurship and policy.

18

Charity Entrepreneurship

Report of the trustees

For the year ended 31 March 2023

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees have no beneficial interest in the charity.

Auditor

Godfrey Wilson Limited were appointed as auditors to the charity during the year.

Approved by the trustees on 26 January 2024 and signed on their behalf by

Brendan Eappen

Brendan Eappen

Andrés Jiménez Zorrilla

19

Independent auditors' report

To the members of

Charity Entrepreneurship

Opinion

We have audited the financial statements of Charity Entrepreneurship (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

20

Independent auditors' report

To the members of

Charity Entrepreneurship

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Other matters

The financial statements for the year ended 31 March 2022 were not audited because the charity was below the statutory audit threshold (as originally reports, before the prior period restatement).

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

21

Independent auditors' report

To the members of

Charity Entrepreneurship

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

22

Independent auditors' report

To the members of

Charity Entrepreneurship

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 29 January 2024

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

23

Charity Entrepreneurship

Statement of financial activities

For the year ended 31 March 2023

Restricted
Note
£
Income from:
Donations
4
1,862,819
Other trading activities
-
Investments
-
Total income
1,862,819
Expenditure on:
Raising funds
12,635
Charitable activities
1,507,157
Total expenditure
6
1,519,792
Net income and movement in funds
8
343,027
Reconciliation of funds:
Total funds brought forward
711,270
Total funds carried forward
1,054,297		 Unrestricted
£
88,179
4,915
58
93,152
-
-
-
93,152
419,895
513,047		 2023
Total
£
1,950,998
4,915
58
1,955,971
12,635
1,507,157
1,519,792
436,179
1,131,165
1,567,344		 (restated)
2022
Total
£
1,508,267
8
-
1,508,275
6,280
370,830
377,110
1,131,165
-
1,131,165

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 16 to the accounts. The prior year figures represent a shorter accounting period from incorporation on 20 September 2022 to 31 March 2022, the accounts are therefore not directly comparable.

Prior year income and expenditure have been restated as described in note 2 of the accounts.

24

Charity Entrepreneurship

Balance sheet

As at 31 March 2023

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Net assets
15
Funds
16
Restricted funds
Unrestricted funds
Total charity funds		 53,831
1,553,327
1,607,158
(41,014)		 2023
£
1,200
1,566,144
1,567,344
1,054,297
513,047
1,567,344		 (restated)
2022
£
1,600
401,216
849,277
1,250,493
(120,928)
1,129,565
1,131,165
711,270
419,895
1,131,165

Approved by the trustees on 26 January 2024 and signed on their behalf by Brendan Eappen Brendan Eappen Andrés Jiménez Zorrilla

25

Charity Entrepreneurship

Statement of cash flows

For the year ended 31 March 2023

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash provided used in investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 2023
£
436,179
400
347,385
(79,914)
704,050
-
-
704,050
849,277
1,553,327		 (restated)
2022
£
1,131,165
400
(401,216)
120,928
851,277
(2,000)
(2,000)
849,277
-
849,277

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

26

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Charity Entrepreneurship meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

27

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

f) Funds accounting

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Grants payable

Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants which have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year (as appropriate).

Grants to Incubated Charities are recognised for the initial round of seed funding and are included as expenditure in the Statement of Financial Activities when the funds are authorised or paid to the Incubated Charities bank account, whichever is earlier.

i) Allocation of support and governance costs

j) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings

5 years

Items of equipment are capitalised where the purchase price exceeds £1,000.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

28

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

m) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Conduit funding

Conduit funds are monies received for third parties and do not belong to the charity. The incoming funds and outgoing payments are excluded from the Statement of Financial Activities. Any conduit funds in hand at the year end are shown as creditors in the accounts.

o) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

p) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

q) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the period end.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key estimates and areas of judgement are set out below:

The charity holds funds under a fiscal sponsorship arrangement with Players Philanthropy Fund (PPF) in the United States. The charity is deemed to have full rights to, and control over, the funds held with PPF and as such they are included as assets within the balance sheet.

29

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

The charity receives funds intended for third parties which it passes on. The charity has no discretion over the application of these funds. As such, they are considered to be conduit funds and are excluded from the charity's statement of financial activities. Any balances held on behalf of third parties at the year end are included as a liability in creditors. Further information is included in note 14.

The charity incubates new charities, ultimately spinning them off to become independent entities known as "Incubated Charities". Some judgement is involved in establishing when the incubated charities cease to be part of Charity Entrepreneurship. This is generally considered to be the point at which the entity opens a bank account in its own name and takes control of the application of its funds. Once this point is reached, any funds paid from Charity Entrepreneurship to the Incubated Charity are recognised as grants payable in the statement of financial activities.

30

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

2. Prior period restatement

Prior year funds have been restated to include bank accounts, and their associated transactions, that were erroneously omitted from the financial statements in the prior year. The effects of the restatement are set out below:

Funds
Original funds at 31 March 2022
Adjustment to income
Adjustment to expenditure
Adjustment to accrued income
Reclassification of restricted income
Restated funds at 31 March 2022
Debtors
Original debtors at 31 March 2022
Accrued income
Amounts owed from Incubated Charities
Restated debtors at 31 March 2022
Creditors
Amounts owed to Incubated Charities
Restated creditors at 31 March 2022
Bank
Original bank balance at 31 March 2022
Additional cash held
Restated bank balance at 31 March 2022
Original creditors at 31 March 2022		 Restricted
£
£
446,246
232,366
163,015
173,638
(280,025)
-
163,740
232,185
218,294
(218,294)
711,270
419,895
Unrestricted		 Total
2022
£
678,612
336,653
(280,025)
395,925
-
1,131,165
2022
£
-
395,925
5,291
401,216
2022
£
18,929
101,999
120,928
2022
£
695,941
153,336
849,277

31

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

3. Prior period comparatives: statement of financial activities (restated)

Income from:
Donations
Other trading activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and movement in funds
Income from donations
Grants:
CAF American Donor Fund
Effective Ventures Foundation
Good Ventures Foundation
Fidelity Charity Centre
Future Fund
The Fish Initiative
The Prism Charitable Trust
Silicon Valley Community Foundation
Donations
Total income from donations		 Restricted
£
£
1,078,342
429,925
-
8
1,078,342
429,933
6,280
-
360,792
10,038
367,072
10,038
711,270
419,895
Restricted
£
£
76,556
-
37,656
47,873
1,321,804
-
58,832
-
39,221
-
7,220
-
160,000
-
13,727
-
147,803
40,306
1,862,819
88,179
Unrestricted
Unrestricted		 2022
Total
£
1,508,267
8
1,508,275
6,280
370,830
377,110
1,131,165
2023
Total
£
76,556
85,529
1,321,804
58,832
39,221
7,220
160,000
13,727
188,109
1,950,998

4. Income from donations

32

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

4.
Income from donations
Prior period comparative (restated):
Grants:
Charity Science Foundation of Canada
Effective Ventures Foundation
Good Ventures Foundation
Woodleigh Impact
Fidelity Charity Centre
Schmidt Futures
Donations
Total income from donations		 Restricted
£
£
125,215
164,980
218,294
239,374
533,293
-
22,000
-
15,800
-
163,740
-
-
25,571
1,078,342
429,925
Unrestricted		 2022
Total
£
290,195
457,668
533,293
22,000
15,800
163,740
25,571
1,508,267

5. Government grants

The charity received no government funding during the current year or prior period.

33

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

6. Total expenditure

Total expenditure
Raising
funds
£
Staff costs (note 9)
3,432
Other staff costs
-
Grants payable (note 7)
-
Programme costs
-
Office costs
-
Travel and subsistence
-
Equipment and software
-
Legal and professional
9,203
Advertising
-
Depreciation
-
Foreign exchange (gain) / loss
-
Sub-total
12,635
-
Total expenditure
12,635
Total governance costs were £6,000 (2022 £2,640).
Allocation of support and
governance costs		 Charitable
activities
£
476,296
-
655,722
174,357
-
-
-
9,203
2,363
-
-
1,317,941
189,216
1,507,157		 Support and
governance
costs
£
71,206
23,877
-
-
92,374
3,952
11,360
16,563
-
400
(30,516)
189,216
(189,216)
-		 2023 Total
£
550,934
23,877
655,722
174,357
92,374
3,952
11,360
34,969
2,363
400
(30,516)
1,519,792
-
1,519,792

Prior period comparative (restated):

Staff costs (note 9)
Grants payable (note 7)
Programme costs
Conference costs
Office costs
Travel and subsistence
Equipment and software
Legal and professional
Depreciation
Foreign exchange (gain) / loss
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising
funds
£
622
-
-
-
-
-
-
5,658
-
-
6,280
-
6,280		 Charitable
activities
£
81,045
264,723
992
1,179
-
-
-
5,658
-
-
353,597
17,233
370,830		 Support and
governance
costs
£
2,007
-
-
8,763
5,067
1,818
4,607
400
(5,429)
17,233
(17,233)
-		 2022 Total
£
83,674
264,723
992
1,179
8,763
5,067
1,818
15,923
400
(5,429)
377,110
-
377,110

34

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

7. Grants payable

Total grants committed to during the year were as follows:
Grants payable to institutions:
Incubated charities:
Center for Effective Aid Policy
Centre for Exploratory Altruism Research
Fortify Health
Kaya Guides
Maternal Health Initiative
Vida Plena
Training for Good
High Impact Professionals
Center for Alcohol Policy Solutions
3 grants (2022: 7 grants) < £5,000
Other:
Charity Science Foundation of Canada
2 grants < £5,000		 2023
£
117,663
78,834
78,442
86,286
173,357
103,544
-
-
-
3,476
14,120
-
655,722		 (restated)
2022
£
-
-
-
-
-
-
129,955
74,260
46,041
10,485
-
3,982
264,723

35

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditor's remuneration:
Independent examination (excluding VAT)
Audit (excluding VAT)
Other services		 2023
£
400
60,216
Nil
Nil
-
6,000
4,800		 2022
£
400
-
Nil
Nil
2,200
-
457

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelance staff		 2023
£
327,043
30,415
4,421
189,055
550,934		 2022
£
58,526
1,074
733
23,341
83,674

No employee earned more than £60,000 during the period.

The key management personnel of the charity comprise the Trustees and Senior Management Team. The total employee benefits of the key management personnel were £175,362 (2022: £33,311).

Average head count (FTE) 2023
No.
10		 2022
No.
5

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

36

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

11. Tangible fixed assets

Cost
At 1 April 2022 and 31 March 2023
Depreciation
At 1 April 2022
Charge for the period
At 31 March 2023
Net book value
At 31 March 2023
At 1 April 2022
12. Debtors: amounts due within 1 year
Prepayments
Accrued Income
Amounts owed from Incubated Charities:
Suvita
13. Creditors: amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors
Amounts owed to Incubated Charities:
Animal Ask
Happier Lives		 2023
£
14,606
39,225
-
53,831
2023
£
6,317
19,781
13,337
1,579
-
-
41,014		 Total
£
2,000
400
400
800
1,200
1,600
(restated)
2022
£
-
395,925
5,291
401,216
(restated)
2022
£
4,831
10,848
2,843
407
101,435
564
120,928

37

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

14. Conduit funding
Balance at start of year
Funding received during year
Funding distributed during year
Funds written off during year
Balance at end of year		 2023
£
96,708
23,532
(120,240)
-
-		 (restated)
2022
£
-
453,500
(361,752)
4,960
96,708

Conduit funds are monies received for third parties and do not belong to the charity. The charity passes funding, excluding the initial seed grants, through the accounts under a unique project code as a service to other Incubated Charities to help their charitable purposes, but does not claim gift aid nor has control over their use. The receipts and payments referred to above have been excluded from the Statement of Financial Activities. The balance held at the end of the year is included in amounts owed to seed charities in note 13 and amounts owed from Incubated Charities in note 12.

15. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2023
Prior year comparative (restated):
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2022		 £
-
1,095,311
(41,014)
1,054,297
£
-
730,199
(18,929)
711,270
Restricted
funds
Restricted
funds		 £
1,200
511,847
-
513,047
£
1,600
520,294
(101,999)
419,895
Unrestricted
funds
General
funds		 Total
funds
£
1,200
1,607,158
(41,014)
1,567,344
Total
funds
£
1,600
1,250,493
(120,928)
1,131,165

38

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

16. Movements in funds

Restricted funds
Effective Ventures Foundation
The Fish Welfare Initiative
Good Ventures Foundation
Schmidt Futures
Seed Donors
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
Good Ventures Foundation
-
Animal Welfare		 At 1 April
2022
£
218,294
-
330,970
-
162,006
-
711,270
419,895
419,895
1,131,165		 Income
£
-
7,220
703,681
618,123
-
533,795
1,862,819
93,152
93,152
1,955,971		 £
(218,294)
(7,220)
(448,664)
(207,896)
(103,923)
(533,795)
(1,519,792)
-
-
(1,519,792)
Expenditure		 £
-
-
585,987
410,227
58,083
-
At 31 March
2023
1,054,297
513,047
513,047
1,567,344

Purposes of restricted funds Effective Ventures Foundation

General support from the EA Infrastructure Fund for the 2022 cycle of the Charity Entrepreneurship Incubation Programme, including research into new intervention ideas and a training programme.

The Fish Welfare Initiative

Engaging a consultant to lead Fish Welfare Initiative's work within the Alliance of Responsible Aquaculture in India.

Good Ventures Foundation

Provision of general support for Charity Entrepreneurship's human-centred work excluding budget items dedicated to animal welfare.

Good Ventures Foundation - Animal Welfare

Provision of general support for Charity Entrepreneurship's work incubating new charities working in farm animal welfare.

Schmidt Futures

Supporting Charity Entrepreneurship to develop an automated vetting infrastructure to enable scaling.

Seed Donors

Donors from Charity Entrepreneurs seed network to fund incubated charities.

39

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

16. Movements in funds (continued)
At 20
September
2021
£
Restricted funds
Effective Ventures Foundation
-
Good Ventures Foundation
-
Schmidt Futures
-
Seed Donors
-
Total restricted funds
-
General funds
-
Total unrestricted funds
-
Total funds
-
Prior period comparative
(restated)
Unrestricted funds		 Income
£
218,294
533,293
163,740
163,015
1,078,342
429,933
429,933
1,508,275		 £
-
(202,323)
(1,734)
(163,015)
(367,072)
(10,038)
(10,038)
(377,110)
Expenditure		 £
218,294
330,970
162,006
-
At 31 March
2022
711,270
419,895
419,895
1,131,165

17. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2023
£
105,580
6,500
112,080		 2022
£
-
-
-

40

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2023

18. Related party transactions

The two Co-Executive Directors of Charity Entrepreneurship, Joseph Savoie and Karolina Sarek, are co-founders of Charity Science Foundation of Canada ((809636236 RR 0001). In the prior year, Charity Science Foundation of Canada paid grants totalling £290,195 to Charity Entrepreneurship (including £125,215 of restricted funding to fund two incubated charities). In the current year, Charity Entrepreneurship paid a grant of £14,120 to Charity Science Foundation of Canada to cover core operating expenditure.

Due to the nature of the charity's activities and the composition of the Board it is inevitable that transactions may take place with seed organisations in which a member of the Board or an employee of Charity Entrepreneurship may have an interest. All transactions involving organisations in which a member of the Board may have an interest are conducted at arm's length and in accordance with the respective organisations normal procedures.

Thomas Billington is a trustee of Charity Entrepreneurship. His partner is employed by the charity and received employee benefits of £37,204 during the year.

A trustee, Brendan Eappen, is the co-founder of Fortify Health. During the year, Charity Entrepreneurship paid Fortify Health a grant totalling £78,442.

41